There’s no denying that property auctions have really taken off recently, with more and more homes across the city going under the hammer for incredible results. Considering selling your home this way? Before you start envisioning crowds of excited bidders fighting over your address, consider whether an on-site or an in-room event is most suitable for you. To get you started, we’ve broken down the need-to-know factors to help get you the best outcome…
Should I host an on-site auction?
Perhaps what comes to mind when you think ‘property auction’, on-site events involve selling the residence at its address.
These types of auctions generally work best for freestanding homes with either a front or a rear yard that is large enough to hold a decent crowd. It’s the ability for bidders to physically see and experience what they are raising their hands for that really makes on-site auctions an attractive option – it can be wonderfully tempting to commit that extra sum if you’ve fallen in love with the exquisite façade or stylish interiors right in front of you. Have you ever been totally bewitched by a gorgeous dress or a designer watch in a store window? We’ve all been there.
On-site auctions are also brilliant for properties that boast a prestigious or coveted position. A picturesque setting, proximity to fashionable cafes, a location close to multi-million-dollar residences – emotional elements like these can really get to the heart and convince bidders to spend just that little bit extra.
Is an in-room auction more suitable for me?
Also coming with a long list of advantages, in-room auctions are events held on the real estate office’s premises. At Place, we offer an exceptionally personalised option for sellers in our state-of-the-art James Street auction rooms. Allowing you to watch the bidding from another room and taking the pressure off a little, a Place in-room auction ensures professional service and a sensational environment.
Sellers typically opt for these types of events if they are putting a smaller property on the market, like an apartment in a large complex. These auctions can also achieve spectacular results for abodes that might not have the most outstanding street appeal or a convenient location. Another bonus? Attracting registered bidders, in-room auctions generally see more ‘genuine’ buyers, rather than curious spectators. Who needs those nosy neighbours hanging around?
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Article by Emily Russ